Jennison Associates LLC Raises Stock Holdings in Cadence Design Systems, Inc. (NASDAQ:CDNS)

Jennison Associates LLC raised its position in Cadence Design Systems, Inc. (NASDAQ:CDNS) by 6.9% in the first quarter, Holdings Channel.com reports. The institutional investor owned 7,085,526 shares of the software maker’s stock after purchasing an additional 459,603 shares during the period. Cadence Design Systems comprises approximately 1.5% of Jennison Associates LLC’s holdings, making the stock its 16th largest position. Jennison Associates LLC’s holdings in Cadence Design Systems were worth $2,205,582,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CDNS. Lido Advisors LLC lifted its stake in Cadence Design Systems by 20.3% in the third quarter. Lido Advisors LLC now owns 4,755 shares of the software maker’s stock valued at $1,114,000 after buying an additional 803 shares during the last quarter. Royal London Asset Management Ltd. raised its stake in shares of Cadence Design Systems by 6.5% during the third quarter. Royal London Asset Management Ltd. now owns 116,664 shares of the software maker’s stock worth $27,340,000 after purchasing an additional 7,148 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its stake in shares of Cadence Design Systems by 5.3% during the third quarter. Mercer Global Advisors Inc. ADV now owns 25,082 shares of the software maker’s stock worth $5,877,000 after purchasing an additional 1,256 shares during the last quarter. Ramirez Asset Management Inc. purchased a new stake in shares of Cadence Design Systems during the third quarter worth approximately $390,000. Finally, Penserra Capital Management LLC raised its stake in shares of Cadence Design Systems by 5.6% during the third quarter. Penserra Capital Management LLC now owns 14,240 shares of the software maker’s stock worth $3,334,000 after purchasing an additional 754 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Analysts Set New Price Targets

CDNS has been the subject of several analyst reports. KeyCorp upped their price target on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, June 27th. StockNews.com cut Cadence Design Systems from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Rosenblatt Securities restated a “neutral” rating and set a $280.00 price target on shares of Cadence Design Systems in a research note on Monday, April 22nd. Robert W. Baird upped their price objective on Cadence Design Systems from $322.00 to $341.00 and gave the stock an “outperform” rating in a report on Tuesday, July 2nd. Finally, Wells Fargo & Company upped their price objective on Cadence Design Systems from $330.00 to $350.00 and gave the stock an “overweight” rating in a report on Tuesday, April 16th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $334.89.

Cadence Design Systems Price Performance

Shares of CDNS traded down $3.75 during trading hours on Monday, reaching $317.36. 1,009,658 shares of the company traded hands, compared to its average volume of 1,544,253. The company has a quick ratio of 1.19, a current ratio of 1.32 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $86.46 billion, a PE ratio of 82.65, a price-to-earnings-growth ratio of 3.93 and a beta of 1.03. Cadence Design Systems, Inc. has a fifty-two week low of $217.77 and a fifty-two week high of $328.99. The stock has a fifty day simple moving average of $298.71 and a 200 day simple moving average of $295.80.

Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, April 22nd. The software maker reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.04. Cadence Design Systems had a return on equity of 32.44% and a net margin of 25.68%. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. During the same quarter last year, the company earned $1.02 earnings per share. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. As a group, research analysts predict that Cadence Design Systems, Inc. will post 4.77 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $309.09, for a total transaction of $463,635.00. Following the transaction, the director now directly owns 48,051 shares in the company, valued at $14,852,083.59. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, SVP Karna Nisewaner sold 600 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $275.36, for a total value of $165,216.00. Following the transaction, the senior vice president now directly owns 20,480 shares in the company, valued at approximately $5,639,372.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the firm’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $309.09, for a total value of $463,635.00. Following the completion of the transaction, the director now owns 48,051 shares in the company, valued at $14,852,083.59. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 50,134 shares of company stock worth $14,978,483. 0.62% of the stock is owned by company insiders.

Cadence Design Systems Profile

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.